Thanks HP. Eventhough it may hurt, Honesty is always the best policy. In the case of my post, believe me, it hurts a LOT, and I'd LOVE to be wrong.
Elaborate? Lugheads1957 gave us a few excellent examples, kindly have a gander at his/her post. Let me add that all this "milking the cow" crap started long before EO moved the shares to the Caymans. I too "looked the other way" pre-awards, and I was wrong, plain wrong. Unlike Mongo (see my DD on this character), I didn't get millions of dirt-cheap shares for whatever services rendered, I bought each and every one of them and as oilman (again!) stated, we all bought WAY too early. A very, VERY poor decision and a lot of dead money.
I have owned dozens of other stocks where after a while you can clearly tell that the management and the shareholders are in the same boat (i.e. on the same side.) With ERHE - which by now I know all too well - one gets that awful big-Knot-in-the-stomach that it's actually pretty much the opposite. There are MANY things Chrome Chairman Emeka Offor and ERHE CEO Ali Memon could have done to alleviate this sentiment, or better yet, make sure it didn't happen in the first place. As I have stated before, I am now of the opinion that they aren't part of the solution, but part of the problem. We often hear that the market will tell us... blablabla. Well it's true, and as much as I hate to say it, the SP - and all the shady BS that has kept it in the crapper - speak VOLUMES.
"unreported massive selling of shares"? EO isn't dumb enough to do that from the "main account", even from the Caymans. Offor may have beat XOM & co on his turf, but he knows full-well that they have a small army of lawyers ON STAFF and you can be sure that they are scrutinizing anything that he does here, on THEIR turf. BUT:
1) we are NOT talking about massive numbers here anyway. Just enough to control the SP either way, and kill any run. PLUS, it doesn't hurt to shake the tree here and there and make a million here, a million there... It's actually fun.
2) it just takes a few million shares owned by the wife, kids, business partners, shady intermediaries/consultants, etc. to accomplish #1
3) according to investor friends whom I deeply respect and are far more competent than I in this area, by using the "right channels," just about ANYTHING can be done under the radar (#2) As to those know-it-alls who posted that the SEC is on top of all that, well what can I say, they must live in another world.
As is often the case in life, it boils down to a very elementary matter: TRUST.
We have been getting either total silence, as you rightfully point out, or mere lip service. Add to that not even a business plan... pathetic accounting... Operating cash running out at lightspeed... Not a recipe for a successful business, or for successful investments.
Sorry for being so brutally honest, but ERHE turns out to be a huge disappointment.
Be well.
AI
